The euphoria small business owners have about the Trump administration is starting to fade.

"I think the optimism has faded a little bit," said Martin Mucci, CEO of Paychex (PAYX - Get Report) . "I think what we're seeing is a little bit more uncertainty with health care and tax reform - that uncertainty always pushes small businesses to be a little more cautious in hiring and maybe hire more part-time workers than full-time."

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